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  • GR-A GR-A Introduction

    • GR-A.1 GR-A.1 Purpose

      • Executive Summary

        • GR-A.1.1

          The General Requirements Module presents a variety of different requirements that are not extensive enough to warrant their own stand-alone Module, but for the most part are generally applicable. These include requirements on books and records; on the use of corporate and trade names; on controllers and close links, on security measures, counterfeit currency detection measures and loans extended to related parties.

          October 2010

      • Legal Basis

        • GR-A.1.2

          This Module contains the Central Bank of Bahrain's ('CBB') Directive (as amended from time to time) regarding general requirements applicable to licensees, and is issued under the powers available to the CBB under Article 38 of the Central Bank of Bahrain and Financial Institutions Law 2006 ('CBB Law'). Requirements regarding controllers (see Chapter GR-5) also included in Regulations, to be issued by the CBB. Requirements regarding Money Changer Licensees are also included in the Regulation Organising Money Changing Business, issued in 1994 and included in this Module.

          Amended: January 2011
          October 2010

        • GR-A.1.3

          For an explanation of the CBB's rule-making powers and different regulatory instruments, see section UG-1.1.

          October 2010

    • GR-A.2 GR-A.2 Module History

      • Evolution of Module

        • GR-A.2.1

          This Module was first issued in October 2010 by the CBB. Any material changes that have subsequently been made to this Module are annotated with the calendar quarter date in which the change was made: Chapter UG-3 provides further details on Rulebook maintenance and version control.

        • GR-A.2.2

          A list of recent changes made to this Module is detailed in the table below:

          Module Ref. Change Date Description of Changes
          GR-A.1.2 01/2011 Clarified legal basis.
          GR-2.1.1 01/2011 Clarified Rule regarding money in transfer.
          GR-7.1.2 01/2011 Clarified Guidance.
          GR-5.3.1A 04/2011 New Rule added for suitability of controllers.
          GR-9.1 07/2011 Several amendments made to be in line with other Volumes of the CBB Rulebook.
          GR-5.3.1 04/2012 Amended to be in line with other Volumes of the CBB Rulebook.
          GR-6 04/2012 Clarified language on cessation of business to be in line with other Volumes of the CBB Rulebook.
          GR-11.1 and GR-11.1.1A 01/2013 Clarified Rules and added Guidance dealing with credit facilities extended to related parties.
          GR-1.1.3 04/2013 Corrected reference to 'transaction' records.
          GR-7.1.4 10/2014 Added due date for Insurance Coverage Form
          GR-6.1.11 10/2016 Added an additional requirement for cessation of business to be consistent with other Volumes of the CBB Rulebook.
          GR-5.1.4 01/2017 Consistency of notification timeline rule on controllers with other Volumes of the CBB Rulebook.
          GR-1.2.1 07/2017 Amended paragraph according to the Legislative Decree No. (28) of 2002.
          GR-1.2.2 07/2017 Deleted paragraph.
          GR-4.1.3 10/2017 Added additional requirements to submit when requesting no-objection letter for proposed dividends.
          GR-1.1.1 10/2018 Amended Paragraph to be consistent with other Volumes.
          GR-5.1.1A 04/2019 Added a new Paragraph on exposure to controllers.
          GR-5.1.1B 04/2019 Added a new Paragraph on exposure to controllers.
          GR-1.2.1 01/2020 Amended Paragraph.
          GR-6.1.6 04/2020 Amended Paragraph.
          GR-6.1.11 04/2020 Amended Paragraph.
          GR-3.1.1 01/2022 Amended Paragraph on change in licensee corporate and legal name.
          GR-3.1.2 01/2022 Amended Paragraph on change to licensee legal name.

      • Superseded Requirements

        • GR-A.2.3

          This Module supersedes the following provisions contained in circulars or other regulatory instruments:

          Circular Ref. Subject
          BS/07/2004 Record-keeping requirements.
          BC/24/1999 Accounts of Money Changers.
          BS/08/2004 Controllers of, and holdings and transfers of significant ownership or controlling interests in, Agency licensees
          OD/080/2007 Directives on Measures to Detect Counterfeit Currency
          FIS/C/001/2005 Security Measures for Money Changers
          ODG/118/2004 Review of Security Measures
          BC/6/99 Requirement of Bank Guarantee
          October 2010